BoI to sell stake in life insurance JV

Bank of India (BoI) has announced that it plans to sell a 25.05 percent equity stake in Star Union Dai-Ichi Life Insurance Company (SUD Life) at a floor price of INR170.50 per share.

The public sector bank has issued a request for proposal to sell up to 6,48,73,964 equity shares. At the floor price, the sale could rake in INR1,106 crore.

BoI holds 28.96 percent, Union Bank holds 25.10 percent, and Japan’s Dai-ichi Life Insurance Company holds 45.94 percent in the insurance company, which commenced business in February 2009.

SUD Life reported a 38 percent increase in net profit at INR76 crore in FY18, against INR55 crore in the previous financial year.